Analyst calls: INTC, DT, ANF, RIMM, WFC, FITB, TDW, ROK ...

Analyst upgrades:

Piper upgraded Intel (NASDAQ: INTC) to Buy from Neutral to reflect the company's strong competitive position and low valuation. The firm does not expect Intel to miss Q3 estimates.
Goldman upgraded shares of Deutsche Telecom (NYSE: DT) to Buy from Neutral and added the stock to the Conviction Buy List as they believe the dividend is well covered.
Wachovia upgraded Landstar System (NASDAQ: LSTR) to Outperform from Market Perform on valuation and potential near-term catalysts from hurricane-related activities.
Abercrombie & Fitch (NYSE: ANF) was raised to Outperform from Market Perform at Friedman Billings.
Research in Motion (NASDAQ: RIMM) was upgraded at JMP Securities to Outperform from Market Perform.
Baird lifted Wells Fargo (NYSE: WFC) to Neutral from Underperform.

Analyst downgrades:

Jefferies downgraded VCA Antech (NASDAQ: WOOF) to Underperform from Buy as they believe reduced consumer spending and rising unemployment levels will hurt the company's hospital and lab volumes in FY09. The company's target was lowered to $25 from $35.
Oppenheimer downgraded shares of Total System (NYSE: TSS) to Perform from Outperform to reflect the challenging macro environment and the customer portfolio risk from bank consolidation.

Deutsche Bank cut ChipMOS (NASDAQ: IMOS) to Hold from Buy and lowered the target to $3.50 from $5 to reflect the company's weaker Q3 outlook.
Fifth Third Bancorp (NASDAQ: FITB) was lowered to Neutral from Outperform at Baird.
Goldman removed Air Products (NYSE: APD) from the Conviction Buy List.
Nymagic (NYSE: NYM) was downgraded to Underperform from Market Perform at Keefe Bruyette.

Analyst initiations:

Jesup & Lamont expects Tidewater (NYSE: TDW) to continue growing through both accretive acquisitions and increased newbuild spending over the next few years. Shares were assumed with a Buy rating and $110 target.
B. Riley initiated UCBH Holdings (NASDAQ: UCBH) with a Buy rating and $8 target and believes the company has been proactive in addressing its problems and that the pace of credit deterioration will slow.
Zumiez (NASDAQ: ZUMZ) was initiated with a Hold rating and $15 target at Roth Capital, citing the difficult macro environment, tough comps and potential brand dilution.
Societe Generale started Rockwell (NYSE: ROK) and Emerson Electric (NYSE: EMR) with Sell ratings and targets of $33 and $34, respectively.
Smith & Nephew (NYSE: SNN) was assumed with an Equal Weight rating at Morgan Stanley.
Digital Realty (NYSE: DLR) was initiated at Baird with an Outperform rating and $50 target.